Energy Future Holdings and Oncor Begin Process to Offer a Minority Interest in Oncor
DALLAS, Nov. 29 /PRNewswire/ — Energy Future Holdings Corp. (EFH) and Oncor Electric Delivery Company LLC (Oncor), EFH’s transmission and distribution subsidiary, announced that they have commenced the process to offer for sale a 20 percent minority ownership interest in Oncor to other investors.
The plan to offer this minority ownership interest in Oncor and therefore enhance Oncor’s independence and separation from EFH and EFH’s other businesses, TXU Energy and Luminant, was announced in October at the closing of the merger transaction with Texas Energy Future Holdings Limited Partnership (TEF).
TEF and Oncor have committed that any purchaser of the minority ownership interest will not otherwise be affiliated with, and will be independent from, EFH and the three lead investors in TEF, Kohlberg Kravis Roberts & Co., Texas Pacific Group and Goldman Sachs. In addition, EFH and Oncor expect that the purchaser of the 20 percent interest will have meaningful representation on the Oncor board of directors.
Credit Suisse has been engaged as a financial advisor in connection with the sale process.
About Energy Future Holdings
Energy Future Holdings Corp., formerly named TXU Corp., is a Dallas-based energy holding company, with a portfolio of competitive and regulated energy subsidiaries, primarily in Texas, including TXU Energy, Luminant and Oncor. TXU Energy is a competitive retailer that provides electricity and related services to 2.1 million electricity customers in Texas. Luminant is a competitive power generation business, including mining, wholesale marketing and trading, construction and development operations. Luminant has over 18,300 MW of generation in Texas, including 2,300 MW of nuclear and 5,800 MW of coal-fueled generation capacity. Luminant is also the largest purchaser of wind-generated electricity in Texas and fifth largest in the United States. Oncor is a regulated electric distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor operates the largest distribution and transmission system in Texas, providing power to three million electric delivery points over more than 101,000 miles of distribution and 14,000 miles of transmission lines. Visit http://www.energyfutureholdings.com/ for more information.
Forward Looking Statements
This release contains forward-looking statements, which are subject to various risks and uncertainties. The forward looking statements in this release could be affected by, among other things, the occurrence of any event, change, market conditions or other circumstances that could impact the ability or advisability of undertaking the transactions described in this release.
Energy Future Holdings Corp.
CONTACT: Lisa Singleton, Corporate Communications of Energy FutureHoldings Corp., +1-214-812-5049
Web site: http://www.energyfutureholdings.com/